Today's action looked a little nicer although it was still a down day. To me it looked like what we should see as we get close to a bottom. nothing great yet, but just a little healthier. It's like looking at a patient in the hospital that yesterday looked like he was dying and today is sitting calmly, still weak and sick looking, but possibly on the road to recovery.
The internals took a very small step toward stabilizing and right now that's what we need. You dont start a healthy upside without first stopping and catching your breath after a fall. This morning looked nasty, but the afternoon spent most of the time sitting around doing nothing which was healthy for us.
I'm still pretty bearish, but I’m more convinced that we will see some upside in the coming days, and the strength of that bounce will be critical.
have a great weekend!